Egypt's fiscal allocations for social initiatives reach LE 635.9B in FY2024/2025

CAIRO – 2 September 2024: In the fiscal year 2024/2025, Egypt has increased its financial support, grants, and social benefits to LE 635.9 billion, which represents a 20.049 percent rise from the previous fiscal year's LE 529.7 billion. Minister of Finance Ahmed Kouchouk revealed this data during the 11th release of the Citizen’s Budget report.

 

Minister Kouchouk emphasized that the Citizen’s Budget report delineates the economic, developmental, and social priorities for the ongoing fiscal period.

 

Specifically, the Ministry of Finance is allocating LE 154.5 billion for supporting petroleum products, LE 134.2 billion for subsidized goods, and LE 40 billion for social security, pensions, and Takaful & Karama in the fiscal year 2024/2025.

 

This marks an increase from LE 119 billion, EGP 127.7 billion, and LE 31 billion, respectively, in the fiscal year 2023/2024.

 

Furthermore, Minister Kouchouk provided a breakdown of allocations which include LE 11.9 billion for social housing, LE 3.5 billion for natural gas distribution to households, and LE 18.4 billion for health insurance and medical treatment covered by the government in the fiscal year 2024/2025, compared to LE 10.2 billion, LE 3.5 billion, and LE 14.1 billion in the fiscal year 2023/2024.

 

Kouchouk also highlighted that 4.6 million citizens benefit from comprehensive health insurance, with LE 2.4 billion specifically allocated for disabled individuals.

 

Moreover, LE 15.4 billion is designated for the General Authority for Healthcare, with LE 8.4 billion sourced from the National Treasury.

 

Additionally, LE 26.7 billion will be directed towards supporting health initiatives, enhancing medicine supplies, and tackling Egypt's recent medication shortages.

 

Minister Kouchouk further announced that LE 150 billion will finance the second phase of the Decent Life national project, with the goal of promoting sustainable rural development, covering 1,670 villages, and benefiting 20 million citizens.

 

Lastly, LE 40.5 billion will be utilized to support economic stimulus programs concentrating on production and export sectors, with farmers’ subsidies totaling LE 657 million and approximately LE 300 million set aside for interest subsidies related to modern irrigation loans.